Bensenville, IL · Member since 2016 · 9 posts · 5 votes
Hello everyone!
My name is Bart, I been looking to investing in Real Estate for the past 2 years. I recently just quit my full time job to make this happen. I had a good paying job at Ohare working for Airlines as manager but I wasn't happy.
Also, I am looking to buy a single family home and flip for profit or rent out. Anyone in the Chicago land area have any luck with this? Just looking for feedback how the market is around me.
Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
9y
Hello and welcome to this website! I will not be mean about it, meybe you quit for a good reason, but you might have hadto quit, but you could of stayed there to help get you a loan and worked part time as an Investor. That being said I have heard a bunch of good things about Chicago that should help you as an investor. One of the companies I have been watching webinars from is called Mack Investments is pretty involved there as a turnkey owner and the returns are reported as good buying single family houses, renovating them, and occupying before you start making any payments.
That could be a possibility for you. There are a few things you should do besides selecting your niche and market area. Knowing the market area you select is very imporotant. Depending on your personal condition financially, you might want to form some type of corporation or a LLC. You might need to hire a lawyer and/or a CPA (or tax accountant) to give you good advise on what you should do. Know your niche selection before you call them.
Another thing you might need to do before starting is to get your financing company selected and get them to provide a loan letter that states how it will take to close your loan and the maximum amount you qualified for. You should give a copy of this to the seller of your prospective properties. Another thing you should do before you start investing is to locate an office that has a minimum distractions. You can locate an office in your place if you can close it off and has a minimum of distractions and having the restriction to do undone things at the place.
I am 60 years old and allways have plenty to say. I was born and raised in Dallas Texas and still live in Dallas County. I am slowly recovering medically and doing things I have never been able to do. Thank God I have a wife that saved me and she saved money for about 25 years. She is a computer programmer who's boss has been great by allowing her to help me and only has to go to the office for a half of a day and spend the other half of a day at home and pays her as a full time worker.
Wether you select a short term or a long term investment I wish you good luck! Stay as close to downtown of Chicago downtown as you can afford. Do what is average for that neighberhood. Do not try to do everything yourself. Hire a preliminary Team that will help you do things and are local and experienced at what you do. Do not be afraid to do this. Be patient and consistent.
We (in most major locations in the USA are experiencing a low inventory and raising prices and favoring cash buyers because they can typically close quicker. I do not know if any close family exists with you but I hope this allows some time to spend with your kids. I know that this is hard work but it can be a little flexible. You will gain confidence with learning about what you do. The way a neighberhood looks can help you sell your properties.
The background of mee was mostly involved with the construction business since I was 17 years old including those college years. I also held an active real estate broker license for about 30 years but never did that full time. I closed a few deals for other people and have only done one investment for myself. You never know what the future holds so live in the current times. You usually cannot do anything in about the past.
Real Estate Consultant · Chicago, IL · Member since 2014 · 720 posts · 439 votes
9y
@Bart Barabas , congrats on wanting to make it happen! I am sure you had your reasons to quit, however, what is your plan on financing the flip and what is the price point you are looking for on the entire project?
There are plenty of possibilities, it all depends on about the type of neighborhood you are looking for and the price point you'll afford.
Also, do you have any possible partners that are more experienced in the business or you are still building your team?
@Bart Barabas , congrats on wanting to make it happen! I am sure you had your reasons to quit, however, what is your plan on financing the flip and what is the price point you are looking for on the entire project?
There are plenty of possibilities, it all depends on about the type of neighborhood you are looking for and the price point you'll afford.
Also, do you have any possible partners that are more experienced in the business or you are still building your team?
My plan was to open an LLC with my brother and we have about 100k to start and the rest I would get from a possible lender. I am still currently trying to build my team!
Vernon Hills, IL · Member since 2016 · 5 posts · 0 votes
9y
Hey Bart Barabas
If you're looking in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago you can get a $7,500 grant through IHDA if you use FHA, VA, USDA or a conventional loan on the property. It could be a nice boost in returns if you end up doing a live in flip or something like that! The website doesn't have a ton of details on the specific terms.
I'm looking into single families in the Chicago area. Let me know if you guys would like to get together and maybe work out a partnership or at least network with a like minded individual!
Best of luck!
Tinley Park, IL · Member since 2016 · 7 posts · 2 votes
9y
@Bart Barabas it would be best to reach out to Jose as he may not be available and we want your experience here to be the best and most informative for you.